HERAE Opens Next Frontier in Banking: Electronic Healthcare Payments
HERAE, one of the nation’s largest healthcare payment services providers, will showcase its Direct Deposit for Healthcare(R) electronic, HIPAA-compliant payment system and insurance company network, at the Association of Financial Professionals (AFP) Annual Conference in Los Angeles today through October 22 in booth #1207.
HERAE (pronounced “hurray”) is challenging banks to imagine the business landscape by 2012 and consider the sizable, untapped market opportunity provided by the healthcare industry’s estimated $3.6 billion per day in deposits via electronic medical payments with an expected growth rate of 20 percent per year.
“We believe the role of banks in the medical payment arena will be very different by 2012. The bank will be at the center of the healthcare receivables model where more than $200 billion per year are paid to the medical organizations by consumers and $3.6 billion per day in electronic payments by insurance companies to healthcare providers the industry,” says Jim Ribelin, founder of HERAE. “HERAE empowers financial institutions to offer an end-to-end healthcare payment solution to the medical industry via a complete financial network payment exchange designed to serve the growing healthcare market — the next frontier for banks.”
HERAE’s healthcare payment system and network helps banks to tap into the $1.3 trillion healthcare market with new fee-based revenue streams, and ways to acquire new business with payers (insurance companies), healthcare consumers and the high-wealth medical professional market.
Government regulations, in the form of mandated HIPAA policies, have also created an urgent need for the healthcare industry to “go electronic” to be compliant, providing first-mover banks an advantage. HIPAA is forcing banks and the healthcare industry to intersect like never before to move from paper to electronic remittance of payments. HERAE contends that many of the most competitive banks will have committed to healthcare payment processing by 2012.
Chuck Garcia, SVP at BOK Financial says, “Within healthcare banking, it can be expensive and time-consuming to process paper healthcare payments and even more difficult for banks to develop the infrastructure and network needed for a comprehensive electronic healthcare payments and information solution. HERAE has enabled us to tap into its network of healthcare payers and acquire new business. We expect a significant incremental increase in the number of banking relationships with healthcare professionals. We will continue to work with HERAE to provide a more robust solution for our existing clients, as well as to expand our opportunities within other healthcare segments.”
HERAE’s paperless process has been implemented by medical practices, financial institutions and valued added resellers (VARs) throughout the United States since 2005.
HERAE’s offerings are all thin client, ASP-based, requiring its users to have nothing more than a browser.
About HERAE, LLC
A privately owned limited liability corporation based in San Diego, California, HERAE is one of the nation’s largest healthcare payment services providers and offers Direct Deposit for Healthcare. Through its unique focus on healthcare billing challenges, electronic remittance advice and solutions for the financial industry, HERAE has developed a paperless process that provides the payment channel between healthcare providers, payers and banks. On the Net: www.herae.com or call 888-41-HERAE (888-414-3723).